Nissan head Carlos Ghosn was arrested over allegations of 'significant' financial misconduct and faced up to 10 years in prison and a fine of up to 10 million yen, CNN reported

According to the source, Nissan has already entered into a plea bargaining agreement with the investigating authorities, along with guarantees of full cooperation with the prosecutor's office.

Ghosn, 64, and the other board member, Greg Kelly, on suspicion of violating financial laws by filing false statements.

Within five years, Carlos Ghosn received about 10 billion yen (almost $89 million) from Nissan. Ghosn is expected to be officially dismissed from his post on November 22.

French citizen Carlos Ghosn is still formally leading the tripartite alliance of Nissan, the French Renault and the Japanese Mitsubishi Motors.